Asked by Jazmin
Treasure Mountain International School in Park City, Utah, is a public middle school interested in raising money for next year's Sundance Film Festival. If the school raises $2,989 and invests it for 1 year at 3% interest compounded annually, what is the APY earned? Please help!
Answers
Answered by
MathMate
Assuming the investment is placed for exactly one year, then the future value is
FV=Principal*(1+i)
=2989(1+0.03)
= $3078.67
FV=Principal*(1+i)
=2989(1+0.03)
= $3078.67
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